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India Minister: Saudi Aramco Seeks Exclusive Talks Over India Oil Refinery
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Oil giant Saudi Aramco wants to enter into exclusive talks with India to buy a stake in the planned 1.2 million barrels per day (bpd) refinery on the South Asian nation's west coast, India's oil minister said on Wednesday.
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The proposed talks come as Saudi Arabia seeks to secure customers for its oil amidst a global supply glut. With the 1.2 million bpd refinery, the world's largest, India wants to have a greater say in the global fuel trade, Oil Minister Dharmendra Pradhan told reporters in New Delhi. The country's top refiner Indian Oil Corp will initially hold a 50 percent stake in the project, while Hindustan Petroleum Corp and Bharat Petroleum Corp will own 25 percent each. By Reuters l Reporting by Nidhi Verma and Neha Dasgupta l Editing by Mark Potter |
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